Top 1 percent has enough of the pie

America has never been wealthier, but “virtually every dime of that increase in our per capital national income” has gone “to the top 1 percent,” says Robert Creamer in the Huffington Post. Cutting public sector spending and giving corporations more control over the country’s wealth will derail economic growth because the greatest threat to the economy “is the shrinking buying power of everyday Americans and the growing concentration of wealth in the 1 percent,” he says.

4 Responses

Citing a Huffington Post article was your first mistake. Secondly, instead of crying over what percentage of the population owns the wealth of the country, perhaps they should be trying to emulate the actions of the wealthy and stop looking for their next hand out?

Left unchecked any large institution will eventually be brought under the control of a small group of individuals who will exploit the institution for their own benefit to the detriment of the larger institution. To make matters worse in this case the “small group” is a part of a larger group of international corporate and financial elite who are doing the same thing in a lot of countries and frequently has more collective muscle than most individual counters. There are a number of ways this could be neutralized but first people have to wake up to what is happening. One way would be national taxes on real assets over a certain amount. Its easy to play games with “income” but you can’t hide a warehouse or mansion.